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Flash Family
on Dec 11, 2024

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Refer to Table 2-3. The opportunity cost of 1 pound of potatoes for the rancher is

A) 5 hours of labor.
B) 4 hours of labor.
C) 5/4 pounds of meat.
D) 4/5 pound of meat.

Production Possibilities

A graphical representation showing the maximum quantity of goods and services that can be produced using limited resources to the fullest extent.

Opportunity Cost

The act of losing potential gains available through other choices upon selecting one option.

Rancher

A person who owns or manages a ranch, where livestock such as cattle or sheep are raised for meat or wool.

  • Grasp the role of opportunity cost in economic decisions.
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EA
Ericka Ann JalosDec 16, 2024
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